Hospitality magnate Sam Nazarian is listing a Bel-Air home for $39.5 million.
Mr. Nazarian paid $25 million to buy the nearly 11,000-square-foot property from the late Paramount chief executive Brad Grey in 2015, according to property records. He attempted to flip it soon after, relisting it for $33.5 million the same month he closed. It was only on the market for about a month before being delisted, according to listings website Zillow.
Mr. Nazarian, who now lives primarily in Florida, said he had viewed the property mainly as an investment, though he and his wife lived there for a short time. He recently finished renovating the property.
“Now feels like it’s the perfect time to monetize the investment after the long renovation,” he said.
Mr. Grey purchased the traditional-style, gated estate in 2009, according to records. The five-bedroom house, designed by Los Angeles architect Richard Manion and completed around 2006, has classical columns and shutters, according to listing agent Kurt Rappaport of Westside Estate Agency. Located around the corner from the Bel-Air Country Club, it has contemporary interiors with a formal dining room, a gym, an office and a dramatic two-story foyer with a winding staircase. Beneath a large balcony off the primary bedroom suite is a shaded outdoor seating area with a barbecue.
Spanning more than an acre, the property is surrounded by tall hedges and includes a large swimming pool and formal gardens.
Mr. Nazarian is well known for having operated some of L.A.’s most popular hotels and nightspots. He recently moved into the food-hall business, with a concept that aims to marry traditional dining in with a “ghost kitchen” model.
Mr. Nazarian and his wife, Emina Cunmulaj Nazarian, purchased a $14 million home in Coral Gables, Fla., in 2020, records show. They spend summers at a home they built in Montenegro, near where his wife was raised, Mr. Nazarian said.
Article Source: Mansion Global